For a wells fargo mortgage you ll need a minimum credit score of 600 with a down payment of 3 or more to qualify for a conventional loan under the yourfirst mortgage program.
Wells fargo home loan requirements.
The minimum draw or amount that can be taken out at one time is 400 in most states.
Your variable rate won t increase more than 2 per year based on your anniversary date and will never be more than 7 higher than where you started maximum of 18.
Official page for wells fargo home mortgage loans.
A preapproval from wells fargo shows sellers you re a serious and prepared buyer.
Plus compared to a prequalification it will give you a more accurate idea of your potential loan amount monthly payment and interest rate.
Your minimum apr including discounts can t go below the 1 floor rate.
The program allows those without large down payments and who have poor to fair credit scores a chance at qualifying for a conventional mortgage.
Our home mortgage consultants can help you get started with a free consultation.